Government Intializes Reducing Turnover Tax for Small Businesses

Prime Minister of Georgia Giorgi Kvirikashvili announced at a Governmental meeting today, that according to the new legislative initiative prepared by the Minister of Finance of Georgia Mamuka Bakhtadze, the turnover tax for small businesses will be reduced to 1%, and enterprises worth up to 500 000 GEL will also be considered as small businesses. 

The PM pointed out that the support of the enterprises is one of the Government’s priorities, with projects such as “Produce in Georgia” and the agricultural project “Plant the Future” working successfully. 

“The new tax initiative entails a preferential regime for small enterprises, reducing turnover tax from 5% to 1 %, and businesses with up to 500 000 GEL turnover will also be considered in the small business category. We think it will be a serious relief for small business entrepreneurs and an encouragement for those who plan to start their businesses,” Kvirikashvili said.

By Nino Gugunishvili